S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A' rating on the City of North Adams, Mass.' general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'A' underlying rating and 'AA' state program rating to the city's $2.47 million series 2022 state qualified GO municipal purpose loan bond. The outlook revision reflects our view of recent improvements in budget assumptions, which have contributed to the city's restoration of the fund balance in the most recent fiscal year. North Adams' full-faith-and-credit pledge secures the bonds, subject to Proposition 2 1/2 limitations. We have not made a rating distinction between the limited-tax pledge and the general creditworthiness because the ad valorem tax pledge
